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Indian markets take heat at closing time

January 10th, 2008

Markets had a bitter day post miday and ended in deep red by closing time. BSE Smallcap index is down nearly 600 points while a similar picture is with the midcap stocks too. Oil, Gas and Power stocks seems to be the big ones to be hit today.

Indian Government Bonds have hit a 1 year high making the rates to touch a new low.

The telecom spectrum story got a bit of activity today. Tata Tele seems to be a winner of an LoI. Few new players including Parsvnath seemed to be disappointed a bit. HFCL seems to be denied a ticket this time.

Infosys Q3 numbers are expected tomorrow. Though market analysts say the numbers will be on the upper side (about 10% upwards in dollar terms), will they be as per the street expectations is what is to be checked out. Sure the numbers will bring in an impact on the way people see the Indian technology space and the large cap technology stocks in particular. The Results and Earnings season is official going to start with the Infosys announcement. Though the markets aren’t expecting a big positive news, the number of negative surprises are expected to be limited considering that the Indian Investors are still bullish on the market in general though valuations are getting a big high on many counters.

Analysts feel that midcap IT stocks look attractive over large caps and even in the large cap IT space,

Tata Motors announced the people’s car today. Though many versions will be available, the basic version will come with a dealer price of Rs. 1 Lakh. The end user cost would be about Rs. 1.2 to 1.5 Lakhs on road off Kolkata factory. The company seems to have put in about Rs. 1500 to Rs. 1700 crores so far on the small car project. Tata Motors, along with few of its peers such as Hindustan Motors closed in the red today.

Entry Filed under: Equity Markets, BSE, NSE, Closing Bell